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As blockchain technology and cryptocurrencies gain prominence, many governments show increased support for their adoption. The global cryptocurrency market cap has risen to $2.48 trillion, marking a 2.63% increase over the last day.
Meanwhile, Bitcoin is nearing $70,000 following a pro-crypto speech by Former U.S. President Trump, which also boosted US-listed crypto stocks. These developments have led to gains in altcoins, turning their charts green. As a result, investors are now seeking the top cryptocurrencies to buy.
Top Cryptocurrencies to Buy Now
TON has recently introduced the W5 Smart Wallet to enable gasless transactions on its blockchain. Meanwhile, Injective Labs has integrated Mountain Protocol, bringing USDM, a yield-bearing stablecoin, into its ecosystem. Additionally, Avalanche has partnered with Folks Finance to improve cross-chain lending.
1. Injective (INJ)
Injective Labs has integrated Mountain Protocol, introducing USDM, a yield-bearing stablecoin, into its ecosystem. This addition allows users to utilize USDM across dApps on Injective while earning yield from treasury bills.
USDM will enter the Injective ecosystem as wUSDM, a wrapped version that includes the yield in its price, eliminating the need for rebasing. This wrapped version reflects the current USDM price and gives users a 5% annual yield. Users can unwrap wUSDM back to USDM, maintaining the accrued yield.
The integration of USDM opens up several new use cases. For instance, USDM can be a margin for trading derivatives on decentralized exchanges (DEXs) built on Injective. This feature allows traders to earn yield while trading, enhancing capital efficiency and passive yield generation.
1/ Mountain Protocol is launching on Injective to bring the first native yield-bearing stablecoin (USDM) into the Injective ecosystem.
Users can now leverage @MountainUSDM on Injective dApps while earning yield from tokenized t-bills. https://t.co/mK6tWvTfAU
— Injective 🥷 (@injective) July 24, 2024
Additionally, Injective recently announced that ONDO Finance has joined its ecosystem. This collaboration introduces USDY, a tokenized asset, into the Injective network. The integration of ONDO Finance represents a step towards Injective’s goal of bringing traditional finance on-chain. Utilizing the Real World Asset (RWA) module, Injective aims to support on-chain offerings like foreign exchange (FX) and commodities.
These developments coincide with a recent increase in the price of the INJ token. Currently, the token trades at $25.76, reflecting an intraday rise of 5.14%. Market sentiment for INJ is bullish, with the Fear & Greed Index rating 74 (Greed). The token is trading above the 200-day simple moving average and has demonstrated positive performance compared to its token sale price.
2. Pepe Unchained (PEPU)
Pepe Unchained has successfully raised over $6 million in its presale, reflecting strong investor interest in its layer-2 blockchain plans. The presale price for PEPU tokens is currently $0.0087344 each, and it will increase at each new presale stage.
Chain after chain is broken! 🐸⛓️
Pepe has raised $6M! The revolution continues! pic.twitter.com/555bPCkWdE
— Pepe Unchained (@pepe_unchained) July 28, 2024
Early investors benefit from lower prices and higher staking annual percentage yields (APYs). The project aims to innovate the meme coin market by integrating Layer 2 blockchain technology with the popular Pepe meme.
This combination seeks to enhance the trading experience by reducing transaction costs and delays, which could attract meme coin traders. Presale investors can stake their PEPU tokens immediately, potentially maximizing their initial returns.
With 20% of the total 8 billion token supply allocated for presale investors, early participants have a significant opportunity. Following the presale, the team plans to list PEPU on various exchanges.
3. Avalanche (AVAX)
Avalanche’s value has increased 3.87% over the past day, with its price changing hands at $28.72 at press time. This marks a significant rise from earlier lows, coinciding with a broader market rebound with investors and market analysts anticipating further gains.
At the time of writing, the token’s market cap has risen by 3.88% to $11 billion, making it the 12th largest cryptocurrency by market cap. However, trading volume has decreased by 4.95% in the last 24 hours, totaling $256 million.
In a recent development, Avalanche partnered with Folks Finance to enhance cross-chain lending. This collaboration allows Folks Finance users to conduct transactions quickly and at a low cost. It also enables Avalanche users to deposit and borrow on Avalanche and other integrated networks from a single account, thus improving user convenience and accessibility.
The integration of Avalanche into Folks Finance aligns with the platform’s goal of promoting efficient on-chain financial services. It provides new opportunities for lending, borrowing, and trading, thus enhancing the overall functionality of Folks Finance.
4. Arweave (AR)
Arweave is designed to offer permanent, low-cost, and scalable data storage. It also employs a proof-of-access consensus mechanism that allows users to store data permanently and tamper-proof, making Arweave one of the top cryptocurrencies to buy now.
The AR token is changing hands at $32.69 at the time of writing, reflecting a 6.21% increase over the past day. Moreover, market sentiment around the token is bullish, with the Fear & Greed Index showing 74 (Greed). Over the past year, Arweave’s price has surged by 489.60%, and its three-year performance stands at 210.98%.
Meanwhile, the token trades above the 200-day simple moving average, further supporting its positive outlook. Its 14-day Relative Strength Index (RSI) is 54.43, suggesting the token is currently neutral. Notably, there have been 19 green days in the past 30 days.
Arweave’s recent price increase and positive market sentiment reflect growing confidence in its unique approach to decentralized data storage. The proof-of-access consensus mechanism distinguishes Arweave from other blockchain.
Its technological innovations and recent market performance indicate a promising trajectory. According to Coincodex analysis, Arweave’s price is projected to trade within the range of $32.25 to $57.29. If it reaches the upper price target, AR could see a 73.87% increase, reaching $57.29.
5. Toncoin (TON)
TON has introduced the W5 Smart Wallet, designed to facilitate gasless transactions on its blockchain. Developed by Tonkeeper and endorsed by the TON Core team, this new wallet standard allows users to pay transaction fees in USDT when transacting with USDT and Notcoin.
This differs from the previous requirement of holding Toncoin to conduct transactions. The W5 Smart Wallet enhances security, speed, and user convenience. According to Oleg Andreev, CEO of Tonkeeper, this wallet could significantly increase blockchain visibility among the general public.
Furthermore, the TON Foundation emphasizes that the new wallet standard lowers entry barriers for new users, promoting broader adoption of the blockchain. At press time, Toncoin is currently priced at $6.76, marking a 2.87% increase in the last 24 hours. It is trading 233.36% above its 200-day Simple Moving Average (SMA) of $2.03.
🔈 The TON Core team, in collaboration with @tonkeeper, has launched the W5 Smart Wallet, enabling gasless transactions on #TON and up to 255 transactions simultaneously!
But what does that mean for Telegram’s 950M users? 👀
Let’s dive in 🧵⬇️ pic.twitter.com/FXLOCeRBi0
— TON 💎 (@ton_blockchain) July 25, 2024
Meanwhile, the 14-day Relative Strength Index (RSI) is at 47.69, indicating a neutral trend and potential sideways trading. Toncoin has seen 15 positive trading days in the last 30 days, reflecting a consistent performance amidst market fluctuations.
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